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Matrix starts virtual trading platform in Abu Dhabi

The project is expected to drive blockchain and fintech innovation

Matrix, a global virtual assets trading platform, has launched its first regulated virtual asset Multilateral Trading Facility (MTF) and custodian under the Abu Dhabi Global Market (ADGM) virtual asset policy framework, according to media reports. It is licensed by the Financial Services Regulatory Authority (FSRA) and is expected to drive blockchain technology and fintech innovation in the area.

The demand for investing and adopting virtual technology has been growing rapidly in the Gulf Cooperation Council (GCC). Global Findex mentioned that between 2013 and 2016, its alternative investments in finance grew by 400 percent.

In 2018, the UAE launched its Emirates Blockchain Strategy that aimed to create a platform of blockchain from 50 percent of governmental transactions by the end of 2021. Matrix will serve both retailers and institutional customers, and it will also help investors from all over the world to buy, sell, or hold virtual assets. The company will also offer its customers with institutional grade hot and cold storage facilities.

Matrix has already partnered with big names like Nasdaq, Silvergate Bank, Bitgo, Elliptic, and KPMG and is only expected to grow even more in the coming years.

Vasja Zupan, president of Matrix told the media, “We are incredibly excited to meet the skyrocketing demand for virtual asset investment opportunities in the GCC region and create a global market with the launch of Matrix… The ADGM policy framework, among the highest regulatory standards in the world, allows Matrix to achieve global reach, offering the top-notch security of a regulated environment”.

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